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New Investor Lawsuit Demands €2 Billion from VW for Diesel Scandal
A lawsuit to be filed today in Braunschweig, Germany, claims Volkswagen AG inflicted €2 billion ($2.2 billion) in damage to investors by failing to quickly tell them it had used cheater software to evade emission standards.
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A lawsuit to be filed today in Braunschweig, Germany, claims Volkswagen AG inflicted €2 billion ($2.2 billion) in damage to investors by failing to quickly tell them it had used cheater software in 11 million diesel-powered passenger vehicles to evade emission standards.
The complaint is being filed on behalf of global asset manager BlackRock Inc., the eighth-largest holder of VW ordinary shares, and 80 other institutional investors. Among them is Norway’s Oil Fund, the world’s largest sovereign wealth fund.
The plaintiffs contend that VW management was aware of the cheating well before the scandal became public a year ago. VW’s preference shares lost about 45% of their value in two months after the cheating became public om September 2015. Those shares are still 28% below their pre-scandal value.
The lawsuitis one of several filed in Europe and the U.S. in the past several months that make similar claims.
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